Blog

IRS Increases Mileage Rate to 55.5 Cents per Mile!!

The IRS increased the standard mileage rates by 4.5 cents per mile.

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OTC Drugs No Longer Covered Under FSA, HSA and MSA

Over-the-counter drugs will not be covered under a Flexible Spending Account (FSA), Health Savings Account (HSA) or Medical Savings Account (MSA).

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My house is foreclosed and I received Form1099-C (Cancellation of Debt). Is it taxable income?

Cancellation of Debt from qualified principal residence is not taxable.

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Foreign Bank Account Disclosure - Amnesty Program by the IRS!

The IRS announced another Amnesty Program for the taxpayers who own foreign bank accounts but haven't properly reported in prior years.

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RENTAL PROPERTY OWNERS TO ISSUE 1099s!

Under the recently enacted Small Business Jobs Act there was one small provision that could greatly affect rental property owners.

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Illinois Income Tax Rate Hikes!

Illinois personal and corporate income tax rates are increased.

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Key points of the Tax Relief Act of 2010, enacted December 17, 2010

This illustrates the key changes made with the "Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010."

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Social Security Tax is reduced to 4.2% for all employees in 2011

All employees will see a 2% drop in their Social Security taxes and bigger paychecks for 2011.

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I OWE tax because of "Making Work Pay Credit"!?!?

The Making Work Pay Credit can affect you tax return in a negative way for individuals with multiple jobs. In some cases wage earners may owe money at the end of the tax year due to the Making Work Pay Credit

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2010 Home Energy Tax Credits - Caution

Home Energy Tax Credits - A great way to reduce your 2010 income tax bill but be cautious

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IRS announces the Year 2011 Retirement Plan Contribution Limits

Details of IRS announcement for the Year 2011 Retirement Plan Contribution Limits

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2010 Illinois Amnesty Program

Pay in the unpaid state taxes by 11/8/2010 and have penalties and interest waived.

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Hiring Incentives to Restore Employment (HIRE) Act

How the HIRE act affects the 2nd quarter Federal payroll tax return

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First-Time Hombuyer Credit - Closing Deadline Extended

First-Time Homebuyer Credit Closing Deadline Extended to 09/30/2010

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Health Care Reform Bills: What do they mean for you?

Overview of how the new health care reform bills affect you and your taxes.

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Haiti Relief donations can be claimed on 2009 Tax Returns

Charitable Cash Contribution for Haiti Earthquake victims can be claimed on year 2009 income tax returns.

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Good time to convert a Traditional IRA to a Roth IRA?

The tax on 2010 conversions can be deferred and spread out over two years.

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Long-time Residents gets reduced home buying credit

Those who have owned a home for 5 consecutive years, out of the last 8 can qualify for a tax credit up to $6,500 for purchaing a new principal residence.

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First Time Home Buyer's Credit Updates

First Time Home Buyer's Credit is extended through April 30, 2010.

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2009 Recovery Act - Highlights for Individuals

Highlights of The 2009 Recovery Act

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Vanishing Receipts? Vanishing Proof?

A tip to make ease of record keeping!

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CHARITABLE CONTRIBUTIONS - Substantiation Issues

You must have written proof (cancelled check, bank statement, credit card statement, or receipt) for any cash donations - even down to $1. Your own personal note doesn’t count anymore.

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Divorced or Seperated with a Child?

Under the changed IRS tax rule, the parent with which the child resides for the majority of the year is considered the custodial parent and shall receive the child related tax benefits and/or credits, including the dependent exemption.

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Remember your ECONOMIC STIMULUS PAYMENT

In the 2008 tax return, there will be a worksheet for those who received no or a reduced Economic Stimulus payment and they will possibly receive a credit for the amount they didn’t receive in 2008.

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PROPERTY TAX DEDUCTION for every homeowner

On your 2008 tax return, you will see an important change regarding the property tax deduction.

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Housing Act 2008 - How will it affect you?

On July 30th President Bush approved the Housing and Economic Recovery Tax Act of 2008.

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Stimulus Rebate Errors!

There have been numerous errors involving the Economic Stimulus Package Rebates.

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Standard Mileage Rate Increases to 58.5 Cents Per Mile

The IRS has recognized that we all are suffering from the high gasoline prices and they have announced an increase in the standard mileage rates for the second half of 2008.

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New Capital Gains Rate for 2008

On their 2007 tax returns, individuals in the 10% and 15% tax brackets pay a maximum capital gains rate of 5%. On their 2008 tax returns, these individuals will pay 0% capital gains tax.

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$152 Billion Stimulus Law Passed

In an effort to boost the U.S. economy, Congress passed the Economic Stimulus Package Act of 2008 on February 7. The legislation will provide tax rebate checks to about 130 million households, starting sometime in May.

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